More Valley Heights Apartments Move in Bailey Buy (Real Deals)

by George Waldon  on Monday, Jun. 17, 2013 12:00 am  

A 126-unit piece of a Little Rock apartment project is under new ownership after a $4.4 million sale.

Cantrell Heights LLC, led by John Bailey, bought a 4.9-acre portion of Valley Heights Apartments at 6900 Cantrell Road from Centennial Bank of Conway.

The deal is financed with a five-year loan of $4.48 million from the bank.

Centennial recovered the property in March at a $2 million foreclosure sale. The previous owner was Valley Heights Apartments Ltd., led by David Henry.

The property previously was tied to an April 2004 mortgage of $4.4 million held by a Centennial predecessor, Twin City Bank of North Little Rock.

Warehouse Sale

A 50,000-SF warehouse project in North Little Rock changed hands in a $550,000 transaction.

VBI Properties LLC, led by Larry Breeden, purchased the 2003 W. 38th St. project through Acadia Management Inc., led by Bruce Bethell.

The seller is Custom Food Group Ltd. of Dallas, led by Wendell Holloway.

The 5.5-acre development previously was used to help secure a March 2005 mortgage of $4 million held by Texas Capital Bank of Dallas.

The property was bought for $1.09 million in April 1999 from Pickett Food Service, led by Doyle Pickett.

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